Wage and price controls were imposed on the U.S. economy to suppress inflation i

Question

Wage and price controls were imposed on the U.S. economy to suppress inflation in 1972.
True
False


A disadvantage of using public works to reduce unemployment is that
a. it is very difficult to end a government spending program once it develops a political constituency
b. large public works may require years to plan and get under way
c. increased government spending may not be appropriate by the time the public works project beings
d. all of the above


Cost-push inflation is characterized by
a. the wage-price spiral
b. administered pricing
c. stagflation
d. the multiplier


The progressive income tax serves as an automatic stabilizer for the U.S. economy.
True
False


Demand-pull inflation usually occurs in a fully employed economy.
True
False

Explanation / Answer

False c. increased government spending may not be appropriate by the time the public works project beings d. the multiplier True False

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